Banks are not just meant to wire transfer or receive money into your accounts. They are partners in your business. Opening a bank account when you start your small business to make money, the features of the bank need to be scrutinized. What kind of business credit card does it offers to how much OD they will allow when you run a small business? Apart from keeping your cash safe, the bank acts services and ease of running the transaction. Big banks like Chase would always want to deal with sharks. Some banks help small businesses. Bank for small business needs to be talked about in the community of startups. It helps the entrepreneur community to have a bank account to grow.
We start our small business and have people telling us how and what to enroll or hire for. Don’t just do it, since your neighbor said the bank is closest to your residence. Work on it to check the features. Don’t care for features like free cash deposits or free ATM service if you will not use them. Focus on what your business would need, visualizing the growth plan. The bank plays a vital role in your growth. Why just have any bank for small businesses?
Every business is unique. Some receive money online, some on the EDC terminal at POS. Some need to deal with liquid cash, others will get checks. The fees of banks are according to their preference for service. Based on your transaction patterns, check on fees and select the best bank for small businesses.
Now we know all that you would need to check as features, fees, options, OD, salary accounts, bulk credit cards, deposits, and multiple other things. Let’s look one by one at which bank is a better fit for your small business.
Top 6 banks for small business article will help you choose. These banks are traditional and can’t be treated as digital banks.
1. Best bank for the small business overall – Chase
JP Morgan Chase Bank doing its business under the name of Chase Bank US national bank. Its headquarter is in NY. Chase bank is traditional. Bank with the old nerve to serve customers. By saying traditional doesn’t make it be a non-online. Chase has everything a new digital bank would have.
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It is free till the time you maintain $2k as balance. Chase Ink Business Preferred gives away the best loyalty and great discounts if you travel around. It has a great credit card and works closely with employee requirements.
Chase is the number one choice if you need a bank for your small business. It can be easily located across the US and walk any branch. It will be an easy first choice to make Chase your preferred bank for small businesses.
2. Best online bank for small businesses – Axos Bank
It doesn’t matter to you where the bank is headquartered. For a conversation. it’s in San Diego, California. Axos is an American federally chartered saving and loan association and direct bank. Axos Bank was never an online bank, Capital One was. But recently Axos got a tag from the best online bank.
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You will pay $10 per month if you can’t keep up to the $5k average balance. It allows you to check 50 free items per day. So, it is not right away a great bank for multiple transaction business. It offers better interest than any other bank. It is around 0.81%
In case you don’t have a business to deposit money in the bank and get all your transactions paid by online wire transfer, then you are in the right place. If you do all online transactions, Axos is the right bank for the small business you own. All right when your business grows, too.
3. Best credit union bank for small business – Navy Federal
Not a bank traditionally. Navy Federal Credit Union is a top-notch business bank. HQ at Vienna, Virginia, and regulated by National Credit Union Administration. Navy Federal has the most members and asset size under its belt. With over 11.1 million members, it operates as a member-based credit society.
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Credit societies are not for profit, so Navy Federal too. It means low fees and interest charges. It offers a higher interest rate for savings, too.
Start by being a member of the Navy Federal Credit Society, pay $250. Deposit as low as $5 in your account. It gets you a bounty of features with low interest on loans. Featured credit cards.
Even if you don’t want this bank to do your transactions, you would need this bank for lower business loans and credit cards. It is the right bank for small businesses in search of easy loans.
4. Best bank for a small business for several branches across the US – Wells Fargo
Wells Fargo & Company is a multinational company doing financial services. HQ at San Francisco, California. Operational HQ at Manhattan for all better reason to be in the business district. Wells operates under the name of Wells Fargo Bank and in 35 countries with over 70 million customers. Wells Fargo is a bank for SBA (small business administration) lenders. It has the most branches in the US ever.
They offer 3 kinds of accounts for small businesses. All come with monthly fees. But you maintain the balance of $500 to avoid fees. Wells Fargo is as big as Chase because it offers you any services that your business would need now or in the future. It includes employee welfare like salary accounts and even tax saving schemes.
If your business generates lots of cash across its place. Then this bank will have free deposits and easy access to branches. It even allows you free use of ATM services.
5. Best bank for small business with business analysis – M&T Bank
To start, this bank has been in profit every quarter since 1976. No joking, they are in serious business to make profits. M&T Bank Corporation is HQ in Buffalo, NY. With over 700 branches, this bank has featured in Fortune 500. Most business is around the east coast. M&T Bank offers a relationship manager. Here it comes with features. Listen to me out.
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This bank with RM does a detailed analysis of the transactions you do and helps your small business to make sure you succeed financially, making a better decision from time to time.
M&T Bank offers SBA loans, which makes them be the top 10 lender banks. You need to maintain balance to avoid the fees. If you can’t, then pay $10 per month. You need to maintain a $2500 balance to check unlimited balance checks. This is a great bank with business loans, the right bank for small businesses in need of money.
6. Best bank for small business for fee-free – US Bank
US Bancorp is an American bank holding company and HQ in Minneapolis, Minnesota. Incorporated in Delaware. It provides banking, mortgage, investment, trust, and payment services to businesses. Quite a great bank for small businesses. Here comes the best feature for small businesses, US Bank for small businesses allows offers checking with no monthly fee.
Deposit up to 25 mobile checks every month with no fees and, in case you do, then pay $0.50 per mobile check. With small business-friendly, it even bundles features like credit cards for your business, payroll for your employees, and invoicing at ease.
You can save a lot of bucks on checking balance to deposits of the check. It would be a great way to partner with US Bank for small businesses.
The choice of bank is based on your earnings pattern. I tried to talk about traditional banks, which would be a great way to start. We will talk about the online bank for small businesses in our next article. Banks are wholehearted support in your growth. Make the right choice.